SFX Entertainment, the juggernaut entertainment company who in the last 12 months has spent close to a billion in acquiring dance assets including Beatport (a bargain according to Robert Silverman), the TomorrowLand and TomorrowWorld franchise and locally the national Stereosonic festival has raised hundreds of millions of dollars when the company was floated publicly.
How much you ask? A cool $260 million representing over 20 million shares that proves EDM is big business these days.
Trading as SFXE on the NASDAQ represents the first step of a dance orientated companies offering a share in their business with ‘EDM’ fans and placing it next to your usual big business companies such as Google, Mircosoft and Apple.
“SFX Entertainment is the premier provider of live events in the global generational movement known as EMC,” said Nelson Griggs, Senior Vice President, NASDAQ OMX. “NASDAQ OMX is thrilled to welcome SFX Entertainment to The NASDAQ Stock Market and looks forward to their continued success.”
Further the IPO valued SFX Entertainment at $1.05 billion with a further expected $150 million to be spent on more deals.
On a positive side this could represent consistency of dance music entities by placing it in a publicly traded place but on the other hand reveals the scary amount of money now being spent on commercial dance and electronic music and it’s potential life cycle being shortened as to the worlds fondness of ‘EDM’.
What do you think of it all?